Synthium Health, Inc
Cloud-based healthcare supply chain solution
At Synthium Health, we’re helping healthcare providers and the medical suppliers they rely on do just that. Our new SaaS platform was crafted to bring every element of the healthcare supply chain into one user-friendly dashboard. Our collection of features brings you the exact medical supplies you need, for the best price, right when you need them – so you can get back to doing what you do best.
A proven team of executives and 400 members are already on board – and there’s plenty of room for shrewd investors to join us!
The US healthcare industry is currently in a phase of transition; and because of it, a number of market inefficiencies are being uncovered. Medical supplies is one area in need of attention. The status quo is forcing manufacturing companies to sift through several intermediary channels – such as GPOs (Group Purchasing Organizations) and distributors – to purchase supplies. These profit-hungry middlemen not only negatively impact the manufacturers’ bottom lines, but they also provide very little in terms of product visibility and provider feedback. This hinders the healthcare industry as a whole – as the manufacturers are therefore unable to optimize product development and innovation.
Problems also exist on the provider side. Thanks to the Affordable Care Act (and other government regulations), the healthcare supply chain market is surging in North America – growing at a CAGR of 8.3% while costing providers dearly. Because of this, hospitals, nursing homes, and other healthcare facilities are continuously on the lookout for better pricing on supplies; and to say it’s been difficult would be an understatement. Prices, as a result, are being driven up – making it more difficult than ever to cost-effectively purchase medical supplies.
With no open lines of communication in the medical device marketplace, manufacturers are opening up to “Go Direct” sales options – and ecommerce is one of the main areas they’re exploring. Generic healthcare suppliers now have the chance to stand on equal footing with the name brands, thanks to cost-cutting initiatives that are growing rampant throughout the industry. Bringing these manufacturers under one roof – while also addressing other areas of procurement and communication – would make life light years easier for medical supplies companies.
In response to these issues, Synthium Health – the knight in shining armor for the medical supplies market – has arrived. Our newly crafted digital SaaS platform is designed to address pain points in the industry head-on – effectively elevating the state of healthcare organizations’ supply chain management.
The days of dealing with middlemen and exorbitant costs in medical supplies are now over. At Synthium Health, we’re giving healthcare leaders the power to manage their entire supply chain through one digital interface. From invoicing, to purchasing, to RFQ, everything is now at your fingertips. It’s time to win back your valuable time and money – and to get back to saving lives.
How we help sellers:
How we help buyers:
At Synthium Health, we’re all about making visible connections. Think of us like an Alibaba, but strictly for the healthcare industry – putting all the key players into a unified platform so that B2B business activities are streamlined and integrated. The 400+ suppliers and providers currently on board are already enjoying synergistic partnerships – and the money-saving benefits that come along with them. On our end, a huge part of this is user education. We go to great lengths to educate primary healthcare decision-makers on how using the Synthium platform will help them to “buy smarter”.
Below we identify the primary elements of our SaaS solution’s rich feature set and explain how each one is making healthcare supply chain a little easier to manage:
An easy-to-navigate browsing dashboard finally gives healthcare facilities a place to shop around and see different products – regardless of the price range they’re looking for. Suppliers also enjoy unmatched visibility regardless of their brand’s clout.
Synthium simplifies the process of getting what you need, when you need it. Orders can be placed directly and deliveries scheduled at the time that’s perfect for you.
Pay multiple vendors at one time and even set up payment schedules.
Providers can schedule and manage surgeries using our surgery management module. On the other end, manufacturers have the ability to provide JIT delivery for any surgical schedule.
Learn about new products by requesting materials from suppliers at any time – and even request samples and schedule reps.
Without any interruption to operations, Synthium can integrate with any current procurement process or system.
Users get Immediate access to reports on purchases, analytics, and other data collections.
Synthium has the ability to leverage this burgeoning trend and integrate it into the procurement process. This allows both parties to ship and receive greater quantities, while cutting down on wait time.
This proprietary tech retrieves specific product search results from multiple distributors/vendors and displays the results in a user-friendly matrix – all in real time. This enables the user to narrow their searches even further and make the best purchase decisions.
Hard work over the past 3+ years has brought us to what is a very promising position. With the Synthium platform now fully functional and active, our user base – and the associated revenues – are ready to take off. Currently, our focus is on feature additions and enhancements, and on brainstorming more revenue generation options. We invite you to take a look at some of the more significant accomplishments that brought us here:
Users are wheeling and dealing. The platform Is currently home to 409 member companies and growing, including 80 hospitals and surgery centers. A few successful transactions have also been made.
Skin in the game. In October 2013, we locked up $500,000 in seed funding from our Founders’ own pockets.
Valuable personnel assets added. Key additions to our staff were made in April 2014, in the form of two talented Sales & Marketing professionals.
In good FDA standing. We are fully regulated and compliant thanks to a 2014 Review of Exchange Rules & User Agreements by FDA Legal Counsel.
Production data center. Architected and deployed state of the art data center at a colocation center.
Key partnership nearly secured. We’re in advanced stage talks with a leading global 3PL company for what would be an incredibly beneficial logistics partnership. We are also in discussions with several synergistic business partners.
Press taking notice. We recently received some awesome media attention, through an article found here: http://www.medicaldesignandoutsourcing.com/cloud-based-solution-pioneering-way-healthcare-supply-chain-management.
Influencing these user-to-user deals is the key thing we’re focused on in the short-term future. We’re also working on certain minor feature enhancements, including guided sales – which will assist procurement professionals on what products to purchase.
Synthium is led by a quartet of seasoned executives who have enjoyed impressive careers in their respective fields. The group is equally as adept in supply chain technology as they are knowledgeable about the healthcare industry – a combination that undoubtedly serves as one of our top assets. Let’s meet them!
Vijay Reddy, CEO – 25 years in the healthcare industry have given our top boss the experience to spot market inefficiencies, and the expertise to create opportunities from them. His impressive career accomplishments include the development of OSI Systems, a healthcare startup that reached $15,000,000 in annual revenue in just 7 years. He also built and conceived healthcare applications such as the Revenue Modeling System, Charge Master Mapping System and Charge Master Maintenance System. In addition to being our day-to-day leader, Vijay is also in charge of crafting our future development strategy.
Yamini Vedhire, CFO – For nearly two decades, Yamini has managed finances for a number of organizations – including a maid service and web design company. She’ll do the same for Synthium, handling A/P, A/R, and other accounting functions.
George Kruythoff, Director of Sales Operations – George is seasoned sales expert who has driven multi-million dollar growth strategies for clients in a variety of Industries. Over the years, he’s worked on both the corporate and consulting fronts – and brings this versatility to Synthium as our sales maven.
Satish Jamwal, Product Development Manager – A project management expert with a knack for team leadership, Satish is a valuable technological asset for our team. Working directly with our development staff, he’s responsible for making Synthium the top-quality platform that it is.
We also receive key business support from a talented and experienced Board of Advisors. For more information on the Board members, please visithttps://www.synthiumhealth.com/leadership-team/.